2020 (2) TMI 1688 - AT - Income Tax

Assessee withdraws appeals after Unilateral APA with CBDT under Income Tax Act

The ITAT Bangalore dismissed the assessee's appeals against two assessment orders as the assessee withdrew grounds of appeal following a Unilateral APA ... Withdrawal of appeal - dismissal of appeals as withdrawn - Unilateral Advance Pricing Agreement under section 92CC of the Income-tax Act, 1961Withdrawal of appeal - Unilateral Advance Pricing Agreement under section 92CC of the Income-tax Act, 1961 - Effect of assessee's withdrawal of grounds of appeal following execution of a Unilateral APA. - HELD THAT: - The Tribunal recorded that the assessee filed letters before the Registry on 29.01.2020, signed by the Managing Director, stating that the assessee wished to withdraw the grounds of appeal filed on 29.02.2016 (AY 2011-12) and on 22.12.2017 (AY 2013-14). The letters also enclosed a copy of the Unilateral Advance Pricing Agreement entered into with the Central Board of Direct Taxes under section 92CC of the Income-tax Act, 1961, and advanced that withdrawal was consequent to that agreement. In view of the communicated withdrawal of the grounds and the execution of the Unilateral APA, the Tribunal accepted the withdrawal and proceeded to dispose of the appeals accordingly. [Paras 2, 3]Appeals dismissed as withdrawn.Final Conclusion: Both appeals for Assessment Years 2011-12 and 2013-14 were dismissed as withdrawn after the assessee filed letters withdrawing the grounds of appeal and produced a copy of a Unilateral Advance Pricing Agreement under section 92CC. The Appellate Tribunal ITAT Bangalore dismissed the appeals filed by the assessee against two separate assessment orders due to the assessee's withdrawal of grounds of appeal after entering into a Unilateral APA with the Central Board of Direct Taxes under section 92CC of the Income Tax Act, 1961.